Pay-as-you-drive policies allow buyers to set a mileage limit for their car and offer them discounts over the normal premium. The lower the limit, the bigger the discount over the normal premium. The insurance is valid only up to the limit chosen by the buyer. One insurance company offers three slabs of 7,500 km, 5,000 km and 2,500 km.
“As a step towards facilitating technology-enabled covers, Irdai has permitted general insurance companies to introduce tech-enabled concepts for the motor own damage (OD) cover,” the Insurance Regulatory and Development Authority of India (Irdai) said in a statement.
Car Insurance is must this monsoon for you to avoid any financial damage due to unexpected circumstances
To save on fuel costs, many people are switching from petrol/diesel cars to LPG or CNG by incurring a one-time cost and installing a kit. However, car owners must note that this leads to significant changes in the car insurance policy as well.
In the last two fiscal years, the IRDAI has not changed its tariffs. As a result, Irdai’s FY 2019-20 rates have stayed unaltered until date. The following are the suggested Motor Third Party Premium rates for FY 2022-23 for various vehicle categories.
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Add-on covers are designed to enhance overall motor insurance and give comprehensive coverage for damage or loss of car keys, tyres and rim, repair or replacement of consumable items and so on.
If Irdai accepts the proposal, third-party insurance premiums could go up from 1 April. The third-party premium for a Maruti Swift 1.3 LXI is currently Rs 3221 per year. This could go up to Rs 3,705-3,865 if the rates are hiked in 2022-23.
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You can bring down the premium of your comprehensive insurance not only by customising your cover, but also by being aware of several other factors. Here are some ways in which you can bring down your car insurance premium.
